Goodwill and Related Intangible Assets

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying amount of goodwill for the three months ended March 31, 2020 are as follows (in thousands):



	Renewable Energy & Conservation		Residential Products		Industrial and Infrastructure Products			Total
Balance at December 31, 2019	$	77,602	$	198,075	$	54,028		$	329,705
Acquired goodwill	52,659		—		—			52,659
Adjustments to prior year acquisitions	75		—		—			75
Foreign currency translation	75		—		(469		)	(394		)
Balance at March 31, 2020	$	130,411	$	198,075	$	53,559		$	382,045

The Company conducts its annual goodwill impairment test as of October 31 each year. All of the Company’s ten reporting units had fair values exceeding their carrying values as of October 31, 2019. In addition to the annual impairment test, the Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. The Company considered the current and future macroeconomic and market conditions, along with its current market capitalization, projected cash flows and internal and external forecasts, and projections relating to the impact of the COVID-19 pandemic on each of its reporting units. The Company determined that a triggering event has not occurred which would require an interim impairment test to be performed.

Acquired Intangible Assets

Acquired intangible assets consist of the following (in thousands):



	March 31, 2020				December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization		Weighted-Average Amortization Period
Indefinite-lived intangible assets:
Trademarks	$	45,770	$	—	$	45,770	$	—	Indefinite
Finite-lived intangible assets:
Trademarks	8,693		4,239		6,139		4,105		3 to 15 Years
Unpatented technology	34,289		16,354		29,544		15,807		5 to 20 Years
Customer relationships	80,777		41,490		71,195		40,294		5 to 17 Years
Non-compete agreements	1,649		1,567		1,649		1,499		4 to 10 Years
	125,408		63,650		108,527		61,705
Total acquired intangible assets	$	171,178	$	63,650	$	154,297	$	61,705

The following table summarizes the acquired intangible asset amortization expense for the three months ended March 31 (in thousands):



	Three Months Ended March 31,
	2020		2019
Amortization expense	$	2,078	$	1,797

Amortization expense related to acquired intangible assets for the remainder of fiscal 2020 and the next five years thereafter is estimated as follows (in thousands):



	2020		2021		2022		2023		2024		2025
Amortization expense	$	5,311	$	6,937	$	6,459	$	5,921	$	5,666	$	5,566